Financial Independence / Retire Early (FI/RE)
- Thread starter dark_magic
- Start date
it don’t matter if it’s in budget, that’s money being spent towards an item that will always lose value. Literally could be worth thousands in interest and you spend all that on a car.
I drive a used BMW 3 series coupe and pay $200 a month for a loan which I really have the capital to fully pay off. A stylish modern car. I can afford the payment you make but instead I’m taking that money and putting it into a CD or stocks or a money market account and scoring thousands in interest
unique_gentleman
Little-Known Lurker
They provide some good advice. One thing I didn't know that I learned from them is once you quit a job with a 401k, you can roll that into a traditional Roth, then roll that into a Roth IRA, and after 5 years you can borrow from it penalty free. You'll have to pay taxes when you convert from a traditional Roth to a Roth IRA, though.
OfTheCross
Veteran
Working on it...with the current trajectory I'll be mortgage free in < 5 years...from that point it's stack mode
Lucky_Lefty
Dreams Are Colder Than Death...
Semi-retired. Got a couple of sources of passive income and haven’t had a job since 2020. Life is good
What do you do with your additional free time?
Lucky_Lefty
Dreams Are Colder Than Death...
Grad school and internships
Depends on how much money he makes…
I made enough then, make more now, and have since paid that car off
I started to finally make a bit more income in 2018, and I began building my credit up (from mid 500's 
) to where they're at a respectable low to mid 700's. 2021 is when I really got into FI, and began reading books and listening to podcasts daily. I decided on using real estate as my path to FI and got the first rental property at the end of last year. The goal is to keep up momentum slowly buying properties over the next 5-10 years while hopefully using the public service loan forgiveness program to help pay off my massive school loans. Once the loans are done, I'm going to start house hacking to really increase the speed of my wealth building. Goal is to make work optional by the time I am 45, I am 36 now.
Imma def be up on this thread to check yall's progress
) to where they're at a respectable low to mid 700's. 2021 is when I really got into FI, and began reading books and listening to podcasts daily. I decided on using real estate as my path to FI and got the first rental property at the end of last year. The goal is to keep up momentum slowly buying properties over the next 5-10 years while hopefully using the public service loan forgiveness program to help pay off my massive school loans. Once the loans are done, I'm going to start house hacking to really increase the speed of my wealth building. Goal is to make work optional by the time I am 45, I am 36 now.Imma def be up on this thread to check yall's progress
UltimateHustler
Pro
What are those sources of passive income? If you aren’t willing to share the specifics , do you have any suggestions on passive income streams?
Im retired for now. I left the door open to return to work, if I needed to, but right now its not currently in the plan.
I got cash on the side to last till at least Jan. Thats including a few vacations and Xmas.
Depending on how the markets doing by Jan/Feb and how much of the cash I go thru, I will make a decision to return to work, or not.
I dont have the exact numbers, but Im probably up close to $100K since puttin my 2 weeks notice in.